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Oil price little changed despite Saudi pledge to boost output


Brent crude futures for December delivery rose 5 cents to settle at $79.83 a barrel. West Texas Intermediate (WTI) for November delivery also rose 5 cents to settle at $69.17 on its last day as the U.S. front-month. In intraday trade, WTI fell as low as $68.27, its lowest since Sept. 14.

Brent crude futures for December delivery rose 5 cents to settle at $79.83 a barrel. West Texas Intermediate (WTI) for November delivery also rose 5 cents to settle at $69.17 on its last day as the U.S. front-month. In intraday trade, WTI fell as low as $68.27, its lowest since Sept. 14.

NEW YORK: Oil futures were little changed on Monday after paring earlier losses despite Saudi Arabia's pledge to raise crude production to a record high, two weeks before U.S. sanctions potentially choke off Iranian supplies.

Saudi Energy Minister Khalid al-Falih told Russia's TASS news agency that his country had no intention of unleashing a 1973-style oil embargo on Western consumers, but rather was focused on raising output to compensate for supply losses elsewhere, such as Iran.

Oil & Gas , Corporate News

   

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